Here Are 10 Facts You Should Know About Union Budget

Budget 2019: The July 5 Budget will be the first by the Prime Minister Narendra Modi-led NDA government after its return to power in May.

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Here Are 10 Facts You Should Know About Union Budget

Budget 2019: The full-year Budget for 2019-20 will be announced by the government on July 5.

Finance Minister Nirmala Sitharaman will present the full-year Budget for 2019-20 in the Lok Sabha on July 5. A Budget is an annual financial statement of a government's finances containing details such as revenue, expenditure, growth projections and its fiscal position. The July 5 Budget will be the first by the Prime Minister Narendra Modi-led National Democratic Alliance (NDA) government after its return to power after the general election. The government had in February presented an interim Budget ahead of the elections, which were concluded in May.
Here are 10 things to know about the Union Budget of India:
  1. The first Union Budget of Independent India was presented on November 26, 1947 by RK Shanmukham Chetty.
  2. The first Budget of the Republic of India was presented by John Mathai on February 28, 1950. 
  3. Former Finance Minister Morarji Desai has presented the annual Budget 10 times - the highest number of Budget presentations by a finance minister in India.
  4. He is followed by P Chidambaram - who has presented 9 Budgets - and Pranab Mukherjee (eight).
  5. KC Neogy, who only held office for 35 days, is the only finance minister not to have presented a Budget.
  6. Until 1999, the Union Budget was announced at 5 pm on the last working day of February.
  7. In 1999, then finance minister Yashwant Sinha changed this tradition by announcing the Union Budget at 11 am.
  8. Till 2016, the Union Budget was presented on the last working day of February. Former finance minister Arun Jaitley, however, changed that tradition in 2017. In 2017, the Union Budget was presented on February 1.
  9. Till 2016, the Railway Budget was presented few days before the Union budget. In 2017, however, the railway budget was presented along with the Union Budget - a shift from a 92-year-old practice.  
  10. About 10-12 days ahead of the budget presentation, a customary "halwa" ceremony is performed in which large quantities of the sweet dish are prepared for the officers and staff. These officials remain isolated until the Budget documents get printed.




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